Stop Ruining Prepaid (from TOBB)

Discussion in 'General Discussion | Credit Cards' started by Mike Reed, Nov 14, 2013.  |  Print Topic

  1. Mike Reed

    Mike Reed Gold Member

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    If you haven't seen it, there's a fantastically funny thread on TOBB (post removed by TOBB admins, screen shot is below) re: "stop ruining prepaid all you point fraudsters!" It's focused around Bluebird but meanders into Chase, paper checks, smartphones, and good credit being nothing but luck!

    I'm screen-shotting the post before it's deleted... but check it out for a laugh!

    The Post.jpg
     
    Last edited: Nov 15, 2013
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  2. marcwint55

    marcwint55 Gold Member

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    Anyone who blames their bad credit on George Bush is 51 cards short of a full deck
     
  3. Jaimito Cartero
    Original Member

    Jaimito Cartero Silver Member

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    Is there a reason people won't just say FT? Certainly less characters than TOBB.
     
  4. Mike Reed

    Mike Reed Gold Member

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    Just part of the culture here. Double-click on TOBB when you're on a computer (not a mobile device) for the definition. It's a way of not calling out some other board specifically, good or bad.
     
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  5. LETTERBOY
    Original Member

    LETTERBOY Gold Member

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    I wouldn't go so far as to call people who manufacture spending with Bluebird and Vanilla Reloads "fraudsters", but I personally find the practice questionable. I don't think BB & VR were thinking of this kind of thing when they designed their programs, and when the banks say they'll give you miles for CC purchases, I don't think they had this in mind, either. It may not violate the rules, but it's not what they were designed for.

    And that's putting aside the fact that you may get shut down by the card issuer if they see a whole bunch of VR/BB transactions at CVS (or wherever) and get suspicious. And if you say, "Lots of people do this," it's probably not as many as you think. Most people/travelers/CC holders don't care about points as much as we do. If you play with fire, you might get burned.
     
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  6. moongoddess

    moongoddess Silver Member

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    I personally think it depends on what type of use we're talking about. I think the folks who use VR + BB to endlessly recycle the same dollars around and around in an endless loop are definitely abusing the system - but a lot of people use VR + BB to turn bills that can't be currently paid by credit card (like mortgages and student loan payments) into credit card charges. That doesn't seem like abuse to me, as actual money is being spent.
     
    Last edited: Nov 14, 2013
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  7. moongoddess

    moongoddess Silver Member

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    Thanks for the link - I would never have spotted that Wikipost, and I needed a laugh today!
     
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  8. boondr

    boondr Gold Member

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    That made my day.
     
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  9. moongoddess

    moongoddess Silver Member

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    I confess, while I laughed, I also feel a bit sorry for the original poster. It can't be easy to be so financially clueless, and being financially stressed is never fun (even when you're the one who brought it onto yourself). Here's hoping he/she wises up!
     
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  10. Mike Reed

    Mike Reed Gold Member

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    Using any form of credit is a bad idea for this guy. Checks are credit... they're just written and have faster penalties. Cash only, period. Bluebird is meant for him but he's still got a checking account and some amorphous funding sources.
     
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  11. USAF_Pride
    Original Member

    USAF_Pride Gold Member

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    Wow.
     
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  12. redtailshark

    redtailshark Silver Member

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    :)

    Nobody can believe this is anything other than a troll...one who wants to flash your BIOS, indeed. But, still, amusing indeed. Troll-watching goes further than the Havard Rugland YT frenzy.
     
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  13. boondr

    boondr Gold Member

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    The naive person in me wants to believe there isn't anyone who is that dumb and clueless as to their finances. The realist in me is going to enjoy biz-class to Europe next year on his dime.
     
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  14. Mike Reed

    Mike Reed Gold Member

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    First post, new sign-up, no return to the thread. Three for three on trolling... :)
     
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  15. clscholes

    clscholes Silver Member

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    I love how the mismanagement of personal finances somehow fell on a president and frequent flyers...because that is so logical...;)
     
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  16. moongoddess

    moongoddess Silver Member

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    It probably is a troll post - but the scary thing is that we can't be sure. There really ARE folks out there who are that reckless with their finances; they have all the impulse control of a hyperactive gnat., and will live out their lives forever in serious debt because they simply can't control their spending. It's sad, really, like a financial version of alcoholism.
     
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  17. Mike Reed

    Mike Reed Gold Member

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    That and plain inability to do elementary school math. There are certainly people who have an income problem. Most of the rest have a spending problem.

    Sent from my iPhone using milepoint
     
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  18. banane

    banane Member

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    I haven't read the article yet, but so far you seem to be describing my wife! ;) :)
     
  19. Muerl
    Original Member

    Muerl Gold Member

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    I had always figured I would tell them "I have a large home improvement project in the next 6 months and I wanted to spread the money around on Giftcard because I am bad at keeping cash in the bank" mostly because they would not like the "I have a 6k mortgage and I am using this to pay that off every month" answer which is closer to the truth.

    The only other comment I have is when I was 22 we had that issue where the landlord took 2 months to cash a check once. So we had a small town bank that did free cashiers checks, so we did that from then on.

    Also, you can't have unemployment direct deposited into BlueBird? What horrible ****ing state does he live in? Everyone I have known has gotten it direct deposited to their checking accounts.
     
  20. mikeschu
    Original Member

    mikeschu Gold Member

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    I work in the industry; I have to chime in on this. Checks and credit are two completely different things. Checks are negotiable instruments that are effectively as good as cash. They imply that the issuer of the check has the cash on demand, right now, at a financial institution. You used to be able to "float" a check because of how long it took to clear it, but it was technically against the rules. With electronic check processing these days, you better have the cash in your account if you write it. A check is assumed to be cleared once you hand it over.

    Credit is "I'll pay you on Tuesday for a hamburger today." It's a mechanism to arrange payment terms, either by paying in full on a later date or in installments to the issuer of the credit.
     
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  21. Mike Reed

    Mike Reed Gold Member

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    You're right, of course. I was simply making the statement in the context of the OP: I wrote a check then spent the money before he cashed it because he took too long. He's using checks just like credit - "free" money that he'll worry about repaying later.
     
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  22. mikeschu
    Original Member

    mikeschu Gold Member

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    Got it. Sorry, context wasn't implied in your post (hence, I was triggered). No worries. :)
     
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  23. Mike Reed

    Mike Reed Gold Member

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    Nope, you make an important point, especially as it relates to checks electronically processing and float (the reverse of the OP's problem). I actually argued with USAA that I'd like to be able to enter pending checks in my online register and have them deduct from the balance shown, but that's more because I travel and it's an easy way to keep my wife up to date (and me with her spending) w.r.t. the actual balance in an account.

    Of course having a savings account as an overdraft protection account helps, just in case we ever did have a brain fart.

    The nicer thing is that we're writing far, far fewer checks. Almost everything is electronic now.
     
  24. MSPeconomist
    Original Member

    MSPeconomist Gold Member

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    Deniability?
     
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  25. moongoddess

    moongoddess Silver Member

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    Looks like the whole shebang got deleted - my link to a thread update over there now comes up as invalid. Still, it was fun while it lasted!
     

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